Business & Finance
New headquarters for Maritime Developments
Back-deck equipment specialist Maritime Developments MDL has opened a new global head office in Westhill, Aberdeenshire, Scotland. The cost-saving move merges two office-based teams previously spread between Aberdeen and Peterhead. This allowed the company to consolidate the costs associated with ru
North Sea major files for CO2 storage licence as part of UK’s net-zero journey
North Sea operator Chrysaor has submitted a licence application for the purpose of storing CO2 in a depleted reservoir in the North Sea off the UK.
NKT cuts losses as revenues rise
NKT, the power cables business, has delivered improved revenue and earnings in Q3 2020 in all of its business lines. The cable division generated revenue of some €300 million, against €232 million same time last year. Year-to-date revenues stood at €1.05 billion, versus €926 million for the first ni
Ørsted and BP strike up green hydrogen partnership in Germany
Ørsted and the multinational oil and gas major bp have agreed to jointly develop a potential large-scale renewable hydrogen project in Germany powered by offshore wind. The project, which is expected to be operational in 2024, will comprise a 50 MW electrolyser system installed at bp’s Lingen Refine
Magseis Fairfield back in black
Seabed seismic player Magseis Fairfield has returned to profit in Q3 2020 despite major revenue drop against the prior-year quarter. The Oslo-listed company generated Q3 2020 revenue of $47 million, down from $134 million same time last year. Revenue was up from Q2 2020 revenue of $45 million. The y
Vår Energi chooses two ‘greener supply vessels’ in push to reduce emissions
Vår Energi has decided to hire two ‘greener supply vessels’ for service in the North Sea as part of strategy to reduce its environmental footprint.
Aker Solutions – Kvaerner fusion gets green light
Norwegian firms Aker Solutions and Kvaerner have received the necessary approvals from governmental bodies for the completion of the earlier announced merger. In June this year, the two companies entered into a merger plan to create an optimised supplier company. The merger means that Aker Solutions
Euronav tries to escape challenging freight rates by bringing forward dry dockings
Belgium’s tanker shipping company Euronav has decided to bring forward dry dockings in order to counter the challenging freight rate market in the short term.
NYK takes full control of Green Zeebrugge LNG bunkering vessel
Nippon Yusen Kaisha (NYK Line), said the Marine LNG Zeebrugge joint venture, set up to manage the Gas4Sea brand has been dissolved.
Simon Møkster wins new ERRV gig from Aker BP
Norwegian offshore support vessel provider Simon Møkster has been awarded a new contract for ERRV services by Aker BP in Norway.
SeaBird reduces quarterly deficit
Oslo-listed SeaBird has recognised net loss of $3.9 million for Q3 2020, against net loss of $5 million in the same period in 2019. The seismic player recorded revenues of $3 million in Q3, an 81 per cent drop compared to $16 million in Q3 2019. The company had quarterly vessel utilization of 28 per
Boskalis Q3 offshore energy results partly hit by COVID-19, Horizon acquisition paying off
Boskalis has reported a revenue increase at its Offshore Energy business in the third quarter of 2020, compared to the previous two quarters, but also a drop in its order book to € 1.3 billion (€ 1.47 billion at the end of June). The company noted a strong contribution from the seabed intervention u
Total defers first gas from Tyra due to Covid-19 delays
Total has suffered delays with the Tyra Redevelopment Project due to the Covid-19 pandemic. As a result, the first production has been postponed to 2023.
Siemens Gamesa’s FY2020 revenues drop, but offshore wind order intake doubles
The fiscal year 2020 has ended at Siemens Gamesa Renewable Energy (SGRE), which reported a decline in revenues, but also a record order intake. In its outlook, the wind turbine supplier sees boosts in several markets, such as the green hydrogen plans in the EU, Democrats’ push for net-zero 2050 in t